Money, Bank Credit, and Economic Cycles - The Ludwig von Mises ...

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Contentsxi2 The Possibility of Postponing the Eruption of theCrisis: The Theoretical Explanation of the Processof Stagflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3993 Consumer Credit and the Theory of the Cycle . . . . . . . . .4064 The Self-Destructive Nature of the Artificial BoomsCaused by Credit Expansion: The Theory of“Forced Saving” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4095 The Squandering of Capital, Idle Capacity andMalinvestment of Productive Resources . . . . . . . . . . . .4136 Credit Expansion as the Cause of MassiveUnemployment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4177 National Income Accounting is Inadequate to Reflectthe Different Stages in the Business Cycle . . . . . . . . . . .4188 Entrepreneurship and the Theory of the Cycle . . . . . . . . .4219 The Policy of General-Price-Level Stabilization andits Destabilizing Effects on the Economy . . . . . . . . . . . .42410 How to Avoid Business Cycles: Prevention of andRecovery from the Economic Crisis . . . . . . . . . . . . . . . . .43211 The Theory of the Cycle and Idle Resources:Their Role in the Initial Stages of the Boom . . . . . . . . . .44012 The Necessary Tightening of Credit in the RecessionStage: Criticism of the Theory of “SecondaryDepression” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44413 The “Manic-Depressive” Economy: The Dampeningof the Entrepreneurial Spirit and Other NegativeEffects Recurring Business Cycles Exert on theMarket Economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45614 The Influence Exerted on the Stock Market byEconomic Fluctuations . . . . . . . . . . . . . . . . . . . . . . . . . . . .45915 Effects the Business Cycle Exerts on the BankingSector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46716 Marx, Hayek and the View that Economic Crisesare Intrinsic to Market Economies . . . . . . . . . . . . . . . . . .46817 Two Additional Considerations . . . . . . . . . . . . . . . . . . . . . .474
xiiMoney, Bank Credit, and Economic Cycles18 Empirical Evidence for the Theory of the Cycle . . . . . . . .476Business Cycles Prior to the IndustrialRevolution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .479Business Cycles From the IndustrialRevolution Onward . . . . . . . . . . . . . . . . . . . . . . . . .482The Roaring Twenties and the GreatDepression of 1929 . . . . . . . . . . . . . . . . . . . . . . . . . .487The Economic Recessions of the Late 1970sand Early 1990s . . . . . . . . . . . . . . . . . . . . . . . . . . . . .494Some Empirical Testing of the AustrianTheory of the Business Cycle . . . . . . . . . . . . . . . . .500Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .503CHAPTER 7: A CRITIQUE OF MONETARIST ANDKEYNESIAN THEORIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5091 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5092 A Critique of Monetarism . . . . . . . . . . . . . . . . . . . . . . . . . . .512The Mythical Concept of Capital . . . . . . . . . . . . . . .512Austrian Criticism of Clark and Knight . . . . . . . . .518A Critique of the Mechanistic MonetaristVersion of the Quantity Theory of Money . . . . . .522A Brief Note on the Theory of RationalExpectations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5353 Criticism of Keynesian Economics . . . . . . . . . . . . . . . . . . .542Say’s Law of Markets . . . . . . . . . . . . . . . . . . . . . . . . .544Keynes’s Three Arguments On CreditExpansion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .546Keynesian Analysis as a Particular Theory . . . . . . .553The So-Called Marginal Efficiency of Capital . . . . .555Keynes’s Criticism of Mises and Hayek . . . . . . . . .557Criticism of the Keynesian Multiplier . . . . . . . . . . .558Criticism of the “Accelerator” Principle . . . . . . . . .565
Page 4 and 5: MONEY,BANK CREDIT,ANDECONOMIC CYCLE
Page 6: CONTENTSPREFACE TO THE THIRD ENGLIS
Page 15 and 16: xivMoney, Bank Credit, and Economic
Page 17 and 18: xviMoney, Bank Credit, and Economic
Page 19 and 20: xviiiMoney, Bank Credit, and Econom
Page 22 and 23: PREFACE TO THESECOND ENGLISH EDITIO
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Page 38 and 39: PREFACE TOTHE THIRDSPANISH EDITIONI
Page 40: Preface to the Third Spanish Editio
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Page 46 and 47: INTRODUCTIONThe economic analysis o
Page 48 and 49: Introductionxlviiand foreign exchan
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Page 52 and 53: Introductionrecurrent phenomenon. I
Page 54: Introductionand Professors Hans-Her
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2 Money, Bank Credit, and Economic
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4THE CREDITEXPANSION PROCESSThis ch
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The Credit Expansion Process 169dif
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6ADDITIONALCONSIDERATIONSON THE THE
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7A CRITIQUE OFMONETARIST ANDKEYNESI
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8CENTRAL AND FREEBANKING THEORYThis
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9A PROPOSAL FOR BANKINGREFORM: THE
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BIBLIOGRAPHYAbrams, M.A., Money in
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Bibliography 815Bajo Fernández, M.
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Bibliography 817Borch, K.H., Econom
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Bibliography 819Coronel de Palma, L
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Bibliography 821N. Durlauf and Lawr
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Bibliography 823Galiani, F., Della
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Bibliography 825Graham, F.D., “Pa
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Bibliography 827——, Prices and
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Bibliography 829translation by N. K
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Bibliography 831——, “Keynes
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Bibliography 833Russian edition by
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Bibliography 835Keeler, J., “Empi
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Bibliography 837——, “On Crisi
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Bibliography 839——, “Professo
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Bibliography 841Miller, H.E., Banki
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Bibliography 843Neira, Alonzo, M.A.
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Bibliography 845Raguet, C., “Repo
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Bibliography 847——, “The Myth
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Bibliography 849——, “Banking
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Bibliography 851M.C. Marcuzzo (Chel
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Bibliography 853——, “A Critiq
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Bibliography 855Walker, A., The Sci
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INDEX OF SUBJECTSAccelerator princi
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Index of Subjects 859Banking reform
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Index of Subjects 861objection to t
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Index of Subjects 863Goal, concept
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Index of Subjects 865See also Fract
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Index of Subjects 867Plan, definiti
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Index of Subjects 869Tragedy of the
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